Bitcoin price could potentially double its current value within the next three to five months, according to Plan B, a crypto analyst and creator of the stock-to-flow (S2F) model.

Plan B’s projection comes as Bitcoin crosses the $70,000 mark. According to the analyst, one metric suggests that BTC could be around $140,000 by November.

Plan B on Bitcoin Price in 2024

On July 29, Plan B commented on Bitcoin’s price surge over the weekend. He noted that Bitcoin’s miner revenue had bottomed out following the April 2024 halving.

“I expect Bitcoin price to double from today in 3-5 months,” the analyst wrote.

Plan B sees this scenario as likely based on historical miner revenue data, which indicates that miner capitulation is over.

“Miner revenue bottomed means less profitable miners stopped. Only the most profitable miners (with the newest equipment and lowest power cost) survived. The battle is over, difficulty will pump from here. And investors will take over pricing (based on a doubled S2F ratio),” Plan B explained.

Analysts Are Bullish on BTC

Bitcoin surged above $73,000 in March 2024, reaching an all-time high. This was fueled by spot Bitcoin ETFs and halving momentum. However, the price dropped below $60,000 in June as miners sold off amid reduced revenue.

Sell-off pressure from the German government’s BTC dump, reactions to the broader macro environment, and Mt. Gox news pushed the price to lows of $55,600 in early July.

Analysts remain optimistic about BTC rebounding higher. Potential catalysts include the upcoming U.S. election and further clarity in crypto regulation. U.S. Senator Cynthia Lummis announced plans to introduce a Bitcoin reserve bill, and Trump stated his administration would support such a move if he wins a second term in November.

Tron founder Justin Sun also commented that China needs to act, noting that policy competition between China and the U.S. will benefit the crypto industry.

“China 🇨🇳 also needs to step up. Since President Trump pushed for Bitcoin, U.S. 🇺🇸 policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry,” Justin Sun noted.

At the Bitcoin 2024 conference in Nashville on July 26, Michael Saylor presented a bullish scenario where BTC price could reach $49 million by 2045.

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